Local nonprofit DC 2024 announced its intention Tuesday to submit a bid to host the 2024 Summer Olympics and Paralympic Games.

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The group says the district, Maryland and Virginia are more than equipped to handle the event.

"With more state-of-the-art sports infrastructure in a 40-mile radius than any other U.S. city, thousands of hotels and lodging options, and a vast and expanding transportation system, the Greater Washington region is one of the best and most qualified in the world to host an event of this magnitude...," DC 2024's President Bob Sweeney said in a statement released at 10 a.m.

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The group says hosting the Olympics would cost the region $4 billion to $6 billion. But they claim with proper planning, the economic impact could be greater than the cost.

News of a possible bid got quick support from Redskins owner Dan Snyder, who released this statement:

"We look forward to assisting the Washington Olympic Committee in presenting the nation's capital and fabulous surrounding region to the Olympic sporting world. We are fortunate to have most of the venues needed in an internationally recognized city that is accustomed to staging high-profile events."

DC 2024 suggests using existing stadiums in the region, and building out the region's existing transportation and housing options.

The announcement comes six months after the United States Olympic Committee (USOC) sent letters to the mayors of 35 U.S. cities to gauge their interest in hosting the games.

Over the next few months, D.C. 2024 group will work on its bid to the USOC, which is expected to make a decision on a U.S. city partner in September 2015.